RegAlertRule · BOZ · 15 Jan 2013
Engagement of Market Brokers and Revision of Money and Foreign Exchange Market Returns
The Bank of Zambia requires all commercial banks to obtain explicit approval from its Bank Supervision Department before engaging market brokers for foreign exchange and money market transactions. The regulator also mandates the immediate regularization of existing broker engagements by submitting contractual agreements for clearance and introduces revised Interbank Money Market and Foreign Exchange Market returns. Commercial banks must submit these returns electronically by 09:00 hours daily and provide weekly physical declaration forms signed by authorized personnel to ensure data accuracy.
BANK of ZAMBIA
OFFICE OF THE DEPUTY GOVERNOR - OPERATIONS
January 15, 2013
CB Circular No.: 04/2013
To: All Commercial Banks
ENGAGEMENT OF MARKET BROKERS AND THE REVISION OF MONEY AND FOREIGN EXCHANGE MARKET RETURNS
Following up on the Bank of Zambia Governor’s brief to Chief Executive Officers of commercial banks on 17th December 2012, the Bank of Zambia wishes to advise that all commercial banks which are engaging brokers in their foreign exchange and money market transactions, and those intending to engage them, are required to obtain explicit approval from the Bank through its Bank Supervision Department. Commercial banks that have already engaged brokers are required to regularise their engagement by immediately submitting their contractual agreements with brokers to the Bank and obtain clearance.
In order to strengthen oversight on our financial market, the Bank would also like to make reference to a letter dated 9th December 2008 concerning the submission of foreign exchange returns, and Circulars No 4/2008 and 11/2008 concerning submission of residents and non-residents money market activities. Commercial banks are hereby advised of the revision to the returns contained therein. Copies of the revised Interbank Money Market Activities Returns and Foreign Exchange Market Returns including the Instructions Manual for your reference are attached.
As is currently the practice, commercial banks will be required to submit the returns electronically by 09:00 hours every working day to the following e-mail address: fmkreturns@boz.zm. Commercial banks are further requested to physically submit declaration forms every week bearing the signatures of authorised commercial bank personnel authenticating the accuracy of the reports. We wish to emphasize that the relevant senior officials of commercial banks should ensure only accurate and correct information is submitted to the Bank of Zambia.
The required soft copies of the returns must be obtained from our Financial Markets department.
Bwalya K.E. Ng’andu (Dr)
DEPUTY GOVERNOR – OPERATIONS
Cc: Governor
Bank Square, Cairo Road P.O. Box 30080, Lusaka, Zambia Tel: 260-211-226844, 228888 Fax: 260-211-237070 E-mail: bngandu@boz.zm http://www.boz.com
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Lineage: Amended
A newer document in RegAlert amends this one; it applies as amended.
The links and the sentences they come from (5)
- Amended by
“Further to CB Circular No: 04/2013, Commercial Banks are directed to suspend the engagement of brokers in all foreign currency transactions.”
- Amends
“Circulars No 4/2008 and 11/2008 concerning submission of residents and non-residents money market activities”
- Circular Letter dated 2008-12-09Not in RegAlert
“make reference to a letter dated 9th December 2008 concerning the submission of foreign exchange returns”
- Circular No. 11 of 2008Not in RegAlert
“Circulars No 4/2008 and 11/2008 concerning submission of residents and non-residents money market activities”
- Circular No. 4 of 2008Not in RegAlert
“Circulars No 4/2008 and 11/2008 concerning submission of residents and non-residents money market activities”
Timeline
Amended 1 time · last 2013-03-07
- 2013-03-07
BOZBank of Zambia Circular 10/2013 on Engagement of Foreign Exchange Brokersamends
This document amends: CB Circular 11/2008 on Non-Residents Money Market Activities
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